Turk­ish steel­maker to cut Sene­gal’s im­port de­pen­dency

Daily Sabah (Turkey) - - Business -

TURK­ISH steel­maker Tosyalı Hold­ing will make an in­vest­ment in Sene­gal to re­duce the west African coun­try’s de­pen­dency on steel im­ports, its chair­man said.

“Sene­gal is de­pen­dent on im­ports of re­bar and steel, so we have de­cided to in­vest in the coun­try at the in­vi­ta­tion of the Sene­galese au­thor­i­ties,” Fuat Tosyalı told Anadolu Agency (AA).

Once com­pleted, Tosyali said, the new in­vest­ment will meet the steel needs of not only Sene­gal but also the re­gion.

“It will be the big­gest in­dus­trial in­vest­ment in Sene­gal,” he added.

He said Sene­gal’s in­ter­est in Tosyalı Hold­ing stemmed from the com­pany’s in­vest­ment and pro­duc­tion per­for­mance in ev­ery seg­ment of the iron and steel sec­tor.

Tosyali noted that the com­pany and Sene­gal’s Mines and Ge­ol­ogy Min­istry signed a mem­o­ran­dum of un­der­stand­ing (MoU) dur­ing the sec­ond edi­tion of the Turkey-Africa Eco­nomic and Busi­ness Fo­rum on Wed­nes­day.

The com­pany will lay the foun­da­tion for the new in­vest­ment by the end of this year, Tosyalı said. “We are not only fo­cus­ing on Sene­gal. We have pre­pared a mul­ti­stage in­vest­ment plan that in­cludes other in­flu­en­tial coun­tries in the re­gion,” he added. In the first stage, the com­pany will be able to pro­vide raw ma­te­rial from Turkey and Al­ge­ria, and build a fa­cil­ity in Sene­gal with the tar­get of pro­duc­ing 1 mil­lion ton of re­bar.

“This in­vest­ment will en­able Turkey to ex­port semi-fin­ished ma­te­ri­als to an­other coun­try and sub­sti­tute im­ports in other coun­tries,” Tosyalı said.

He added that in­vest­ment in the next stages will be im­proved par­al­lel with pro­duc­tion growth and mar­ket in Sene­gal.

Tosyalı said the com­pany al­ready has a prom­i­nent steel fa­cil­ity in Al­ge­ria in terms of its size.

He noted that the com­pany’s in­vest­ment in Al­ge­ria has reached $3 bil­lion.

“We have pro­duc­tion of more than 4 mil­lion tons. We have passed to the next stage; our pro­duc­tion will sur­pass 6 mil­lion tons, then in the next stage will pro­duce 2 mil­lion tons more,” Tosyalı said.

Ap­plaud­ing Turk­ish in­vestors’ ap­proach to­ward Africa, Tosyalı said Turk­ish in­vestors con­trib­ute pos­i­tively to de­vel­op­ment and so­cial life in the con­ti­nent.

“Other coun­tries see Africa as in­come while mak­ing in­vest­ments there. Turk­ish in­vestors not only build in­dus­trial plants but also en­cour­age for­ma­tion of new small and medium-sized en­ter­prises[SMEs],” he said.

“This at­ti­tude makes Turk­ish in­vestors more prefer­able for Africans,” he added.

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